The Council of Europe’s AML authority MONEYVAL has published the results of its evaluation of the Slovak Republic’s AML/CFT framework and its compliance with FATF recommendations. Here are some highlights from this report.
MONEYVAL discovered that while Slovakian authorities have a moderate understanding of ML/TF risks, some law enforcement agencies and private sector organizations do not have accurate risk assessment information. Moreover, MONEYVAL has found the Slovak Republic to be deficient in utilizing financial intelligence to prosecute financial criminals.
MONEYVAL’s report also suggests that inspections by the FIU and the National Bank of Slovakia (NBS) are not entirely risk-based and thorough. Moreover, the resources available for AML/CFT supervision are overall insufficient. Meanwhile, the report recognizes that the NBS conducts appropriate checks to prevent financial criminals from operating non-bank financial institutions.
Based on this evaluation, MONEYVAL has kept Slovakia in its enhanced follow-up procedure. It requires the country to update the financial authority on its progress in September 2022. Slovakian authorities must also systematically confiscate or seize illicit funds from financial crimes to combat all related ML/TF.
Source name: Council of Europe